Question

If a taxpayer contributes a painting to a museum but reserves the right to use the painting for parties, he may not be allowed a deduction for the charitable contribution.

a. True
b. False

Answer 1

The statement is true that if a taxpayer contributes a painting to a museum but reserves the right to use the painting for parties, he may not be allowed a deduction for the charitable contribution. If he donates or contributes the painting without certain conditions of his/her ownership, then he will be allowed for that deduction.

The answer would be letter A.